Moscow Exchange’s FX Volumes Continue to Drop for Second Month

MOEX reported a reading of RUB 28.3 trillion ($447.8 billion) in June 2018.

The Moscow Exchange (MOEX), Russia’s main venue for trading in several asset classes, has released its trading volumes for the month ending June 2018.

According to the latest numbers, the exchange’s FX volume was unable to recover from recent lows with weaker ruble volumes ultimately preventing a rebound from last month’s figures.

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Just one month after incurring a sizable decline in FX market turnover, MOEX reported a reading of RUB 28.3 trillion ($447.8 billion) in June 2018, corresponding to a decline of 6.3 percent month-over-month from RUB 30.2 trillion ($490 billion) in May 2018.

In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for rouble operations.

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The institutional trading venue, formed in 2011 through the merger of Moscow’s two largest stock exchanges, has recently been expanding the opportunities of its FX market participants.

The latest figure is the second monthly decline in a row, totaling nearly 11.0 percent from a peak set earlier in April at RUB 31.8 trillion ($510 billion). On a yearly basis, MOEX’s total FX turnover was also pointed lower, registering a drop of 10 percent year-over-year from RUB 31.5 trillion in June 2017.

In particular, June 2018’s total FX turnover also featured spot trades of RUB 7.4 trillion and swap trades of RUB 20.9 trillion, both lower on a month-over-month basis.

In addition, MOEX’s total turnover in June 2018 was RUB 70.8 trillion ($1.12 trillion), corresponding to a decline of 8.5 percent month-over-month from RUB 77.4 trillion ($1.25 trillion) in May 2018, but was 16.8 percent higher year-over-year.

The stagnated performance at MOEX was not just confined to its FX figures but also seen across its derivatives market volumes during June 2018. Indeed, the group yielded a figure of RUB 6.9 trillion for the month, reflective of a decline of -8 percent year-over-year from RUB 7.5 trillion ($110 billion) in May 2018. Over a monthly interval, however, the figure was slightly higher relative to RUB 6.7 trillion ($110 billion) in May 2018.

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